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How to Negotiate a Salary Increase

There comes a time in everyone’s career, whether you’ve been at your job for an extended period of time or are considering a new job offer, that the question of salary comes into play.

Ironically, although we hate to ask for it, there are times when asking for a salary increase or pay raise are necessary. You know what you need out of your career, and it’s up to you to figure that out and then ask for it. Negotiations can be a tricky process but, by following these five tips, you can learn how to successfully negotiate your pay.

Set a Date and Time to Negotiate

The worst thing you can do when asking for an increase, is to surprise your boss. If you catch him or her off guard, you not only risk him or her not having the time to really discuss your pitch, but you’re probably more likely to receive a no. Instead, schedule a time to meet and let your boss know you’d like to discuss your job expectations. Your boss will know what’s coming and you’ll both have ample time to prepare.

Know Your Number and Worth

Before you go into your negotiation you should have a good idea of the number you have in mind. Do your research and see what similar positions have as a salary range. You shouldn’t just be shooting in the dark when it comes to numbers; it could lead you to either lose money you could have gotten or get turned down for proposing a ridiculous number.

Be Prepared to Sell Yourself

This is one of the most important tips to follow; if you’re going to ask for a salary increase you have to be able to explain why you deserve it. Demonstrate all the ways you’ve been valuable in the past and highlight any important accomplishments you’ve made, don’t go into how hard you’ve worked just show your worth. However, showing your worth is more than just the past; be sure to focus heavily on the future as well. Talk about the future plans and goals you have for your position; exhibit how you’ll deliver in the future so your boss knows you’ll continue being a valuable employee.

Examine Other Options

There may be times when your company doesn’t have the option to increase your salary, however, that doesn’t necessarily mean you can’t receive any compensation increase. Think about variables besides money alone that could increase your compensation. You could ask about increasing your benefits, being allotted more vacation days or receive a title increase, which can be valuable to your career and be of no cost to your company. There are many more ways than just gaining more money to get a raise in your position.

At the end of the day, you have to be prepared for every answer that might come at you. That salary bump may very well be in your favor, however, there are plenty of times when it’s just not possible for your company. It’s important to remember to merely accept a decline with grace and realize that you can always revisit the top in the future.

Have you successfully negotiated a salary increase? What are some of your tips?